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We all know that marketing can be expensive! At AHAA we want to make sure that our Associates are getting the most value from their marketing investment. To do that we routinely analyze our customers’ marketing program results. Then, we assess the performance of the individual practice’s efforts against their marketing plan and provide recommendations for investment adjustments to make it a stronger plan.

In creating these comprehensive marketing ROI reports we’ve noticed some trends. We’ve collected those results and summarized the data to reveal what is working, and what is not!

So… are you getting the most value
from your marketing budget?

Contact the AHAA Marketing Department today for an objective review of your marketing ROI. Call 800-984-3272, select Option 8 for Marketing or email us at marketing@ahaanet.comtoday!

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When I began my career in marketing over a decade ago, my world was very different. Reflecting upon this time with what I now know, I admit that there was a lot of guesswork, trial and error was often a “strategy,” and the concept of tracking was a “nice to have.” It wasn’t just because it was early in my own career; it’s just how things were done. At the time, most of my clients were focused on their newspaper and direct mail efforts and were obsessed with the creative side of things. They reluctantly dabbled in digital media [which was barely a “thing”] with a “state-of-the-art” HTML website – and this was only when they had a few dollars left in the budget and were told ad nauseam it was a good idea. These approaches were acceptable for the time, but there’s been a LOT of evolution at a breakneck pace over the past decade. As a marketer, I’ve continued to run to keep up [and have enjoyed every minute of it]!

Truth be told, during the early 2000’s it was a bit of a “churn and burn” approach to marketing – which campaign can we implement now to obtain a few new customers, never to think about them again after purchase? Since there wasn’t much data analysis, when a client “felt” like something didn’t work, they’d pull the plug and often prematurely abort an otherwise successful program. Plus, social media was in its infancy and you were lucky if you carried the latest flip phone…

Fast forward to [almost] 2015 and it’s truly a different world. There are many things I’m grateful for – the focus on segmented, targeted messaging, a high level of importance placed on tracking and analytics and the power of the consumer. The last point might be the most significant switch – as marketers we need to constantly focus on customer experience, retention and communication preference. This concept is a wonderful touchstone to consider when planning and implementing marketing strategies. We now find ourselves continuously asking: What resonates with the customer? How do they like to be reached [via text, email, direct mail, etc.]? What does “great” look like to them? How can we better reach, speak with and connect with our customer?

Successful communication with the customer is hinged upon targeted messaging via the appropriate medium, not just about the creative campaign – this is a significant cultural shift in the world of marketing. The mass messaging approach of yester year is a waste of time, energy and resources. Today’s consumer is highly educated and motivated to purchase based on their needs and preferred buying habits. Understanding these preferences – and communicating to each consumer in a relevant way – is the key to capturing their business, making them a repeat buyer and [hopefully] obtaining referrals for your business and/or product.

The main way today’s consumers become so informed and savvy is through online research, including price shopping, product reviews, and referrals from peer-to-peer interactions [social media]. These are the main reasons that today’s marketing strategies and tactics are so digitally focused. It’s important for potential clients to be able to find your business via online mediums. You’ll want to ensure that you’re online reputation is stellar; this is accomplished through online reviews, social media exposure and ongoing content [regular blog postings].

Regardless of the industry, times change and marketing is often a significant driving force. I know that both my professional and personal experiences have changed because of marketing. Those who pay attention to the changes, embrace the journey and transform along the way are the ones who’ll have the most success!

As 2014 is coming to a close (we can tell by the plethora of holiday décor in every retail store), we want you to seriously consider your marketing strategy for 2015. If you don’t already have your plan in place – and some do – you may not be sure where to begin. Our number one recommendation is to look backward before looking forward, meaning assess your marketing efforts from 2014 and how each one contributed to the bottom line before embarking on a plan for the next 12-months.

Two AHAA colleagues recently co-authored an article in Hearing Review that sums up this idea perfectly: Know Your Marketing; Know Your ROI. By having a defined marketing plan and tracking its efficacy (plus course correcting along the way), you’ll be able to capture beneficial trends from your data and eliminate wasteful spending.

But first, you have to actually develop the plan. After allocating 10-12% of your overall budget towards marketing, we recommend:

Using a targeted multi-media approach with frequency and consistency (including direct mail, print and digital media)

Ensuring you are communicating with both your current customers and prospects via mail, telemarketing, etc.

Once your plan is up and running, track the results. As recommended in Know Your Marketing; Know Your ROI, many computer programs are available to facilitate and simplify tracking (AHAA has one), but typically a person(s) in your office must physically input the response data. It’s important to consistently gather this data because you will use it to calculate your return on investment, or ROI.

Once you gather the data, then what? AHAA recommends a quarterly assessment of all marketing initiatives to analyze trends, assess the performance of the plan, and ensure marketing dollars are being spent wisely. Some key metrics to pay attention to: number of calls (how many times did the phone ring from each initiative), number of appointments set and number of hearing devices sold. The aggregate of these metrics will contribute to your ROI calculation. To discover how to properly calculate ROI, click here.

Remember, marketing 101 tells us that developing a plan and working that plan frequently and consistently yields success; couple that with tracking your results, calculating ROI and analyzing those results in order to tweak your plan will put you on a successful marketing trajectory.